Bitcoin's dominance in the cryptocurrency market has reached a 2-year high, surpassing 53%. This increase in dominance has been consistent throughout 2023 and is now at levels not seen since April 2021. In contrast, the performance of Ethereum (ETH) has been underwhelming compared to Bitcoin, with the ETH/BTC trading pair declining. Some traders have taken bearish bets on Ethereum, with veteran trader Peter Brandt publicly announcing that he has shorted the asset. The ETH/BTC price has fallen by over 28% since January, while Bitcoin's price in USD terms has increased by 167% and Ether's price has increased by 90% over the same period.
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